GJEPC: gem and jewellery exports down 8.5% in April-December this fiscal

India’s gem and jewellery exports declined by 8.5 percent in the April to December period of this financial year, the Gem and Jewellery Export Promotion Council reported.

The GJEPC reported a decline in industry exports - World Gold Council-FacebookGem and jewellery exports were valued at $22.41 billion (Rs 1.5 lakh crore) from April to December in the current 2019 financial year, according to GJEPC data. This figure is down 8.5 percent from year-ago figures, when gem and jewellery exports totalled $24.5 billion.

As gem and jewellery exports make up around 15 percent of India’s total exports, the decline will be felt across industries. The decline in exports is in part attributed to a decline in exports of silver jewellery as well as gold coins and medallions. The return in consignments also rose over the time period. The GJEPC data showed that silver jewellery exports declined by 81.37 percent from April to December in the current financial year.

Rough diamond exports decreased by 13 percent over the same time period but exports of cut and polished diamonds grew by four percent.

Gold jewellery shipments increased significantly from $6.83 billion in April to December of the 2018 financial year to $8.77 billion in April to December of the 2019 financial year.

The Gem and Jewellery Export Promotion Council (GJEPC) launched a Parichay Card for workers, artisans, and craftsmen in the jewellery industry in Kolkata. The card will next be expanded to the rest of the country.